For all their advantages, mobile payments have posed banks, merchants, airlines, and payment aggregators to new levels of risk. Sharing information on emerging threats and security solutions is one of the most effective means of mitigating that risk.

Fortress Identity CEO Alessandro Chiarini will advise attendees on true multi-factor authentication as a participant in a panel on Creating New Secure Ways to Pay and be Paid. Allen Cueli, Vice President of Payments Products for Visa Latin America and the Caribbean, will moderate the discussion.

“True MFA (multi-factor authentication) relies on three factors: possession (of a token), knowledge (of a password or code) and inherence (one’s biometric characteristics.) Two-factor authentication is still the norm because establishing inherence is so technically complex. But the fact is that robust, flexible, easily implemented biometric authentication is available today and can be incorporated in any mobile app with a minimal amount of code.”

Chiarini believes that a new generation of hackers is simply blasting through two-factor security.

Fortress Identity, a leading provider of multi-factor authentication solutions to the financial services industry, understands that supporting events like the Visa Latin America and Caribbean Security Summit, helps to raise awareness of mobile payment systems’ vulnerability to hackers and fraud.

As Chiarini observes, true multi-factor security not only safeguards the institution, it creates a superior user experience. And the value of that is reflected in greater customer satisfaction and retention.

About Fortress Identity

For VISA card issuers, Fortress Identity multi-modal, multi-factor biometric user authentication options are key to providing nearly impossible-to-exploit security and ease-of-use for people conducting business on their phones. From the card issuer’s perspective, having their users securely authenticated means less online fraud, and far fewer chargebacks from disputed transactions.